As you embark on house hunting, you would realise the challenges of finding the ideal home. Every homebuyer has a wish-list. You would soon find out that some of the wishes would have to be compromised. There are preferences that you can ignore and there are some needs that you cannot afford to compromise. You have to find a pragmatic balance between what you want and what you can have. This assessment of ideals vs. trade-offs is vital in house hunting.
Let us focus on elements that you can compromise and those that you must absolutely ensure.
- One of the trickiest factors is location. Can you move further away from the city? Which neighbourhood would be ideal for you? What kind of amenities can you do without and which ones would be absolutely non-negotiable? There are many homebuyers who would not budge on the location. That might mean you would have to pay more or opt for a smaller home. It is also possible that you may have to buy an old home and renovate it. Some people are flexible with their location preference but that may mean driving ten more minutes to work or having one less option for your kids’ schooling. You have to find the right balance.
- The second most concerning issue is the price. You may find the price of a desirable property to be too high. An affordable property may not have all the features you want. You may choose to save more money and then go for a pricier property or you may let go on some features. The choice is yours but draw a line between what you need and what you want. That will determine if your assessment is objective enough.
- Depending on the choice of your property, you may have to spend some money on repairs, upgrades, renovations or replacements. Determine if the expense is bearable, if you can get all of it done on your own, if you will have the time for it and if some of those projects can be catered to without hiring professionals. You may presume that saving a lot of money by purchasing an old home in dire condition will be wise but the eventual expenses to make it liveable or desirable can pinch your financial plan.
- The most complicated decision is perhaps choosing whether you wish to buy a home or build one. You need to delve in some complicated math and a ton of research to figure this out.
Chat to your experienced and professional YNM estate agent, let them work with you in deciding where you are willing to compromise and what you consider as necessities in your home purchase – they will be able to help you find your perfect property on the market and guide you to the best decision.